LONDON, May 29 (Reuters) – Brent crude rose back above $110
a barrel on Thursday on signs of stronger demand from top oil
consumer the United States, with a sharp drop in its gasoline
stocks adding to recent data showing a strengthening economy.
The brighter demand outlook underpinned prices already
boosted by concerns about the loss of most supply from Libya and
a widening rift between the West and Russia, the world’s second
largest oil exporter, over Ukraine.
LONDON, May 13 (Reuters) – Brent crude reversed early losses
and rose towards $109 a barrel on Tuesday, as traders expressed
doubt about how quickly supplies will return from Libya, while
the threat of further Western sanctions against Russia provided
Libya said on Monday its western oilfields were ready to
reopen, having been blocked by protests since March, potentially
raising crude output from the North African country by 500,000
barrels per day (bpd).
LONDON May 13 (Reuters) – Brent crude slipped towards $108 a
barrel on Tuesday, pressured by a possible sharp recovery in
Libyan oil production, while the threat of further Western
sanctions against Russia over Ukraine stemmed further losses.
Libya said on Monday its western oilfields and pipelines
were ready to reopen, having been blocked by protests since
March, potentially raising crude output from the North African
country by 500,000 barrels per day (bpd).
LONDON, May 7 (Reuters) – Brent crude inched higher above
$107 a barrel on Wednesday, underpinned by rising tensions in
Ukraine, though its premium over U.S. prices narrowed after an
industry report showed a sharp draw in inventories in the
world’s largest oil consumer.
Brent rose 29 cents to $107.35 a barrel by 1206 GMT,
after ending the previous session 66 cents lower.
LONDON, April 29 (Reuters) – BP Plc became the latest
energy company on Tuesday to show strong trading results in the
first quarter as the coldest winter in three decades in the
United States provided a boost to many power and gas dealers.
The energy major said its trading operations had helped
offset lower returns elsewhere in the group. It cited “strong
gas marketing and trading results and higher gas realizations,”
which is industry jargon for a profit increase resulting from
extraordinary volatility in gas prices.
LONDON, April 28 (Reuters) – The international oil business
played down U.S. sanctions against the head of Russian energy
giant Rosneft on Monday, with traders and global
companies forecasting “business as usual”.
Igor Sechin himself responded to being penalised for the
Ukraine policies of his friend President Vladimir Putin with
sarcasm, calling it “an appreciation of our efficiency”. The
firm would go on working with foreign partners.
LONDON, April 23 (Reuters) – Brent crude oil edged higher
above $109 a barrel on Wednesday after stronger-than-expected
economic data from China and Europe reinforced the outlook for
global demand growth, and as the unfolding crisis in Ukraine
Last week’s peace deal in Ukraine formally ended on
Wednesday as the government said the “Easter truce” was over,
vowing to eliminate pro-Russian militant groups in the east of
LONDON (Reuters) – Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) will quit most of its commodities trading businesses, joining a broader retreat by banks as profits tumble in the face of tougher regulation.
The British bank’s exit means three of the top five banks in commodities have significantly reduced or shuttered their natural resource trading arms since last summer, with profits hit by regulatory demands for lenders to hold more capital to shield them against any problems.
LONDON/NEW YORK, April 17 (Reuters) – Goldman Sachs
and Morgan Stanley both cited stronger commodities
trading as a bright spot in the first quarter, aided in part by
extraordinary volatility caused by the coldest U.S. winter in
The two longest-serving banks in the sector took on more
risk in the quarter, and may be benefiting from rivals scaling
back or quitting the raw materials trading business due to new
capital and trading regulations and slimming profit margins,
underscoring the benefits of sticking out a tough patch.
LONDON, April 17 (Reuters) – Goldman Sachs and Morgan
Stanley both reported stronger net revenue in commodities
trading during the first quarter on Thursday, as the two
longest-serving banks in the sector took on more risk and
benefited from rivals scaling back.
Goldman said “significantly higher” net revenue in natural
resources trading compared with early 2013 had helped offset
lower returns across the rest of its Fixed Income and
Commodities (FICC) business, while Morgan Stanley said a “strong
performance” in commodities had helped boost FICC net revenue to
$1.7 billion from $1.5 billion.